In a capitalist society, high performers are rewarded. It’s part of the American Dream and what appeals to entrepreneurs and driven employees.
Exhibit A for this week would be JPMorgan Chase CEO Jamie Dimon, who found out just how great of a job he’s been doing, and how intent the board and shareholders are to keep him.
The investment bank awarded him 1.5 million stock options Tuesday. They were priced at the average ticker price JPMorgan hit on Tuesday, and that means a financial award north of $220 million.
That’s the good news for Dimon. The bad news is he can’t touch it for years. They will start to vest in exactly five years, and he is required to hold them until July 20, 2031. By then, there’s a really good chance the stock will be worth even more, considering it’s gone up almost 20% just this year alone.
Here’s what the bank said in a statement. “This special award reflects the Board’s desire for Mr. Dimon to continue to lead the Firm for a further significant number of years. In making the special award, the Board considered the importance of Mr. Dimon’s continuing, long-term stewardship of the firm, leadership continuity, and management succession planning amidst a highly competitive landscape for executive leadership talent.”
Dimon can look forward to a very lucrative and spectacular retirement, that’s for sure.
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